Two acquitted in $5m scam

KARACHI, June 22: A banking court on Wednesday acquitted two men in a fraud case for want of evidence.

The then president of the Muslim Commercial Bank, Hussain Lawai, and ARY Group Chairman Haji Abdul Razzaq Yaqoob were accused of misappropriating five million dollars in 1996-7.

Judge of the special banking court Mir Mohammad Sheikh pronounced the verdict after recording evidence of witnesses and final arguments from both sides.

According to the prosecution, Mr Lawai abused his powers as president of the bank and allegedly embezzled the amount and fraudulently transferred it in the accounts of the co-accused in Dubai.

The Federal Investigation Agency had registered separate FIRs against the accused under Sections 420 (cheating and dishonestly inducing delivery of property), 468 (forgery for purpose of cheating), 471(using as genuine a forged document), 409 (criminal breach of trust by public servant, or by banker merchant or agent) of the Pakistan Penal Code on a complaint of the bank’s management.—Staff Reporter

WB paper on city water issues

THE World Bank’s senior infrastructure specialist for Europe and Central Asia Region, Seema Manghee, said here on Tuesday that a working paper relating to the city’s water and sewerage issues was being prepared to be presented before higher officials of the bank for consideration.

She said this while talking to KWSB managing director Misbahuddin Farid during her visit to the water board main office at 9th Mile Karsaz.

The bank’s Water and Sanitation Programme (WSP) country manager for South Asia Farhan Sami and specialist Syeda Maheen Zehra were also present.

When the World Bank official voiced her concern that a huge quantity of untreated water was being released into the Arabian Sea, the KWSB chief informed her that a project called S-III aimed at treating 500 million gallons of water was now in its final stages of completion and President Asif Ali Zardari had already announced Rs2.6 billion for the project.—Staff Reporter

Plan to build 30 pedestrian bridges

AS many as 30 pedestrian bridges have been planned in the metropolis, said the executive district officer (traffic and communication) of the City District Government Karachi on Wednesday.

He was speaking at the inauguration of a pedestrian bridge on Drigh Road.

Sindh Assembly Member Dr Nadeem Maqbool inaugurated the bridge.

Dr Maqbool said that the pedestrian bridge had been completed at a cost of Rs20 million and with this facility the people of the area could now cross the road with ease.

EDO (traffic and communication) Attique Baig said that so far 49 pedestrian bridges had been constructed in the city and opened to the public.—APP

Flood warning centre set up

THE irrigation department of the Sindh government has established a flood warning centre in the city.

An official statement issued here on Wednesday said that the centre had been set up in the office of the director of regulation of the irrigation department of Sindh on the first floor of the Sindh Secretariat building No2 in Tughlaque House.

It said that the staff of the regulation directorate would be available on telephone no: 021-99211505 from 8am to 8pm daily, including Sundays and other holidays.

Information regarding the flow of rivers can be obtained from them.—APP